ChainCatcher report, according to CoinDesk, Bitfinex, citing BitGo data, shows that the supply held by Bitcoin’s “believer buyers” has surged to nearly 4 million BTC, a 300% increase since the end of 2025. At the current price of approximately $80,000, this “belief-based” capital is valued at around $320 billion. Bitfinex notes that the current accumulation trend represents the largest two-quarter surge in high-belief buying since the pandemic crash of 2020, with an increasing amount of Bitcoin’s realized value no longer circulating on exchanges but instead moving into the hands of entities with minimal trading activity. Mati Greenspan, founder of Quantum Economics, stated that while the exact methodology behind BitGo’s “believer buyers” metric remains unclear, historically, the combination of tightening liquid supply and resurgent demand has created conditions for Bitcoin’s most aggressive upward expansions.
Bitcoin 'belief buyers' holdings rise to nearly 4M BTC, up 300% since the end of 2025.
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Summary
Bitcoin "belief buyers" now hold nearly 4 million BTC, a 300% increase since the end of 2025. At the current BTC price of approximately $80,000, this amounts to about $320 billion in "belief" capital. Bitfinex said the surge represents the largest two-quarter increase in high-belief buying since the 2020 crash. BTC’s dominance in this accumulation trend is notable, with Quantum Economics’ Mati Greenspan noting that historically, lower circulating supply and rising demand have driven sharp BTC price gains.
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